KUALA LUMPUR (Sept 14): Tenaga Nasional Bhd’s (TNB) indirect 70%-owned subsidiary Southern Power Generation Sdn Bhd has been allowed to proceed with its challenge of additional tax assessments from the Inland Revenue Board (IRB) amounting to RM78.49 million via a judicial review.

In a bourse filing on Thursday, TNB said the High Court had granted Southern Power Generation leave (permission) to commence a judicial review against the notices of assessment issued by IRB dated May 26 for additional taxes for the years of assessment of 2017 to 2021.

The court also granted the unit an interim stay of all further proceedings, including enforcement of the notices, until a hearing fixed for Jan 11, 2024.

The remaining 30% of Southern Power Generation is owned by SIPP Energy Sdn Bhd, a company linked to the Johor royalty.

Southern Power Generation operates two 720MW combined cycle gas turbine power plants in Pasir Gudang, Johor.

Shares in TNB ended two sen or 0.2% lower at RM9.97 on Thursday, valuing the national utility company at RM56.95 billion.

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